Save Article

China Raids Illegal Banks Over Money
Transfers

Updated Sept. 4, 2002 3:17 a.m. ET

Chinese authorities detained 53 suspects in raids on illegal banks suspected of helping Chinese citizens skirt restrictions on money changing and transfers abroad, the official China Daily said Wednesday. The raids last week shut down 11 operations in the southern province of Guangdong, whose strong export-driven economy has spawned a thriving illegal financial sector. More than $2.7 million worth of Chinese and foreign currency was seized from the illegal banks. It said handguns and ammunition were also found in the raids, a sign of the possible involvement of organized crime groups who have deep ties to the underground...